19th century docklands storehouse acquired by CIC

A 19th century docklands storehouse on the edge of Liverpool city centre has been acquired by Baltic Creative Community Interest Company (CIC), paving the way for the building to be transformed into 17,000 sq ft of flexible modern workspace.The four-storey red-brick warehouse at 61-65 Norfolk Street and adjoining two-storey building on Simpson Street have been bought from Liverpool City Council on a 125-year long leasehold. The acquisition of 61-65 Norfolk Street has taken three years and the process has involved five legal teams and 14 separate legal documents.The CIC now plans to undertake a ten-month restoration programme to sensitively refurbish the buildings. K2 Architects has been appointed to design the scheme, which will feature a variety of different-sized studios alongside collaborative breakout areas, meeting rooms and co-working space. The ground floor will also include a public café with events space and outdoor green area.The ambition is to develop the Baltic Triangle’s first digital technology hub, which is expected to attract companies working in growing markets such as virtual reality, augmented reality, the Internet of Things, eHealth, fintech, MADTech and Big Data. Once established, the scheme will support approximately 30 companies and 150 full-time jobs.The CIC has secured funding from the European Regional Development Fund (ERDF) (30 per cent) and the Charity Bank (70 per cent) to the tune of £2.6m to deliver the scheme, which will start onsite in November 2017 and is expected to be ready to let by September 2018. It has worked with Liverpool City Council, the Department for Communities and Local Government (ERDF), the Homes and Communities Agency, the Charity Bank, Safestore and Excello Law over an 18-month period in order to complete the complex acquisition of the property.